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Abstract: Pre-stack seismic inversion is an important method for fluid identification and reservoir characterization in exploration geophysics. In this study, an effective fluid factor is initially established based on Biot poroelastic theory, and a pre-stack seismic inversion method based on Bayesian framework is used to implement the fluid identification. Compared with conventional elastic parameters, fluid factors are more sensitive to oil and gas. However, the coupling effect between rock porosity and fluid content is not considered in conventional fluid factors, which may lead to fuzzy fluid identification results. In addition, existing fluid factors do not adequately consider the physical mechanisms of fluid content, such as squirt flow between cracks and pores. Therefore, we propose a squirt fluid factor (SFF) that minimizes the fluid and pore mixing effects and takes into account the squirt flow. On this basis, a novel P-wave reflection coefficient equation is derived, and the squirt fluid factor is estimated by amplitude variation with offset (AVO) inversion method. The new reflection coefficient equation has sufficient accuracy and can be utilized to estimate the parameters. The effectiveness and superiority of the proposed method in fluid identification are verified by the synthetic and field examples.